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GBPUSD: Intra-day Waves Are Turning Bullish For a Possible

GBPUSD is still trapped in the 1.5450-1.5600 range where we can see only three waves down from last week’s high. Also notice that current intra-day rise extended above the 1.5520 level. This means that any previous bearish impulsive interpretation is now invalid.

Therefore, we think that the bullish price action is back in force with a possible test of 1.5600 later this week. Five waves up from a potential wave B) low will confirm the bullish view for the GBP. Until then, don’t chase it. It’s no-man’s-land.

GBPUSD Elliott Wave Analysis for technical currency trading May 8 2013

Gregor Horvat

Gregor Horvat

Grega Horvat Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of Ew-Forecast, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At Ew-forecast he helps clients and educates them about the Elliott wave principle and how to label and track unfolding patterns in real time. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty, however, is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators. EW-Forecast To be involved in the market effectively, you need the right guidance and resources, and our team can help you to achieve that. Our team is providing advanced informations about Elliott Wave theory in real time. The Elliott Wave Principle gives you a method for identifying the behavior of the markets and at what points the market is most likely to turn. We help new traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our views as simple as possible with educational goal, because knowledge itself is power!